Billionaire Razon to buy 60% stake in First Gen's gas assets for $896 million
Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp for 50 billion pesos ($896.44 million), the Philippine energy firm said on Monday.
The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement.
First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN, the country's largest broadcaster.
The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp with Aboitiz Power and a unit of Manila Electric Co.
The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Chinese CFO arrested in the Philippines amid embezzlement accusations: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. A Chinese national identified only as Ziwén, 37, was arrested on May 28 in Makati City for allegedly embezzling hundreds of millions of Philippine pesos from a Philippine Offshore Gaming Operator where he served as CFO. Authorities have not disclosed the company's name, consistent with common practice in the Philippines where corporate identities are often withheld during active investigations. However, a local news outlet was given exclusive access to the arrest. Ziwén, who told police he was unaware of the charges, declined to comment to local media, stating he would consult his lawyer. Reports indicate he now faces 18 counts of qualified theft tied to an estimated 181 million pesos in missing funds, equivalent to about $3.2 million. Reports suggest the total may exceed 1 billion pesos, or roughly $17.9 million, when including diverted cash and cryptocurrency assets allegedly transferred to wallets under his control. The POGO, now shut down, was part of a sector that facilitates online bets for overseas clients from inside the Philippines, often targeting Chinese gamblers barred from such activity in their home country. The case adds to growing scrutiny of the POGO industry, which is in the midst of a crackdown by authorities in both the Philippines and China. The POGO industry and its structure has long faced criticism for weak regulatory oversight, suspected money laundering and links to transnational criminal networks. Here's a list of important market events slated for the week ahead. Monday, June 2 S&P final U.S. manufacturing PMI, May ISM manufacturing, May Dallas Fed President Lorie Logan speech Tuesday, June 3 Factory orders, April Job openings, April Wednesday, June 4 ADP employment, May S&P final U.S. services PMI, May ISM services, May Fed Beige Book Thursday, June 5 Initial jobless claims, week of May 31 U.S. trade deficit, April U.S. productivity, Q1 Friday, June 6 U.S. employment report, May U.S. unemployment rate, May On June 5, will publish a Q&A with Sudhanshu Priyadarshi, CFO of Keurig Dr Pepper. He breaks down how the company is navigating areas like tariffs and new health regulations across the globe, finance's role in managing a global supply chain, why it's important for CFOs to be able to tell stories about their data and more. Recommended Reading CFO crimes, litigation, financial control failures, ethics violations and more Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 hours ago
- Yahoo
Report: If Steven Adams leaves in free agency, Rockets eyeing Brook Lopez as backup plan
When the Houston Rockets signed Fred VanVleet and Dillon Brooks in 2023 free agency, they also pursued Bucks center Brook Lopez. But in the final hours, Lopez spurned Houston to stay in Milwaukee. Two years later, however, the interest from a basketball standpoint is still there. If backup center Steven Adams leaves the Rockets this offseason, The Athletic's Kelly Iko reports that Houston could again pursue Lopez in free agency: If Adams leaves, team sources said the Rockets could reignite their interest in Brook Lopez. The 37-year-old, who averaged 13.0 points, 5.0 rebounds, and 1.9 blocks per game (while) shooting 37% from 3 in Milwaukee last season, was previously a target for Houston. He would theoretically be a fit, given his two-way production and health (played 237 games over the last three seasons). Advertisement Lopez will be an unrestricted free agent this offseason, with negotiations open to all teams on June 30. To be clear, Houston's priority will be Adams, who is several years younger (at 31) and is coming off an extremely strong run in the 2025 NBA playoffs. But as an unrestricted free agent, he will have other options — and the Rockets can't offer a starting role, given the presence of All-Star incumbent Alperen Sengun. Interestingly enough, one of the reasons Lopez stayed with the Bucks two years ago was presumably the fact that Milwaukee appeared much closer to title contention. But the aging Bucks are reeling and dealing with a potential trade request from franchise cornerstone Giannis Antetokounmpo, while the young and improving Rockets are coming off a 52-30 season with the NBA's fourth-best record. Advertisement The landscape has changed, and that might make the Rockets more of a draw to Lopez, this time around. However, Adams remains Houston's preference. Both Adams and Lopez could potentially play alongside Sengun in double big lineups, which the Rockets increasingly used as the 2024-25 season progressed. The ability of Lopez to also hit 3-pointers could mitigate some of the floor spacing concerns with those units, though Adams is clearly the superior rebounder. More: As free agency looms, Rockets hopeful of reunion with Steven Adams This article originally appeared on Rockets Wire: Report: If Steven Adams leaves, Rockets eye Brook Lopez as backup plan
Yahoo
7 hours ago
- Yahoo
Manny Pacquiao shares realisation and ‘perfect' news that inspired comeback
Manny Pacquiao has shared the revelation that inspired his return to professional boxing after a four-year absence, as the 46-year-old prepares to face Mario Barrios. On 19 July, Pacquiao will challenge Barrios, 30, for the WBC welterweight title, aiming to break his own record as the division's oldest-ever world champion. Pacquiao set the current record at 40 years old, when he beat Keith Thurman in 2019, while his most recent pro bout was a loss to Yordenis Ugas in 2021. The Filipino icon has not boxed professionally since, though he fought kickboxer Rukiya Anpo in an exhibition last summer. 'I like making history, it's nice,' a smiling Pacquiao told ESPN this week. 'I always stay in shape, but once I started seriously working out again, I realised that I still had that passion and ability in me. 'I went to my doctor and everything was perfect. My medicals came back great. I feel good, and I'm ready to do it again. 'I trained wrong for that [Ugas] fight. My legs began cramping, and I couldn't move. He was a very slow opponent, and I couldn't believe that I couldn't move my feet or my legs. But for this camp, I'm back with my longtime trainer, Freddie Roach. The old Manny will be back. 'It's hard to say right now [if I'll box again after the Barrios bout]. It's one fight at a time. Once I get through this, we can talk about the next fight.' WBC rules state that all title holders must defend their belts against a 'Qualified Challenger', including any former WBC champion. As such, Pacquiao, who recently re-entered the WBC rankings at No 5, is eligible for a title shot against Barrios. Pacquiao, who will enter the Las Vegas fight with Barrios (29-2-1, 18 knockouts) with a pro record of 62-8-2 (39 KOs), is widely considered one of boxing's all-time greats. He is the sport's only eight-weight world champion. He is also known for his political endeavours in his home country of the Philippines, where he served as a senator from 2016 until 2022. He also ran for president in 2022 but was unsuccessful, and last month came up short in a senatorial race.
